Eurozone growth lowered to zero
According to revised official figures, the economy of the eurozone, the sixteen European countries using the euro, did not grow at all in the final quarter of last year. Eurostat reports that the number was revised from an initial figure of +0.1%.
Meanwhile, the eurozone’s lost more than 2.2% in a year-on year comparison, more than the initial estimate of 2.1%.
According to the numbers, Ireland saw an output drop of 2.3% in the last quarter of 2009, while Greece, the country in the eurozone with the most debt, had its economy contract by 0.8%. Italy was down by 0.3%, Germany saw no gain, but France posted a 0.6% quarterly growth.
The Associated Press reports the stagnation was unexpected by analysts, and will only reinforce expectations that the European Central Bank will keep the key interest rate at one percent for most of 2010.